News For This Month: Realtors

What Sets a Realtor Apart from Other Real Estate Professionals Is a realtor no different from a real estate agent? How about a broker? Do all these three titles refer to a single type of professional? The answer is no, and when someone thinks it’s yes, a problem usually occurs. So what makes them different? Realtors and Their Code A realtor is a member of the National Association of Realtors (NAR), and unlike a broker and an agent, is obliged to observe a strict Code of Ethics. The Code includes 17 articles that govern the standards of professional practice.
If You Think You Get Houses, Then This Might Change Your Mind
In short, you can expect your realtor to be honest and sincere in providing services. Considered as the gauge of professionalism in the real estate industry is the NAR Code of Ethics.
If You Think You Understand Houses, Then This Might Change Your Mind
Qualifying as a realtor comes with a number of requirements, including completion of an ethics training within one year of joining the association. NAR members have to continue taining by finish an ethics course, which is often good for 2.5 hours once every four years. Only qualified realtors can put the registered trademark – REALTOR(R) – on their promotional materials, including their business cards. Real Estate Brokers A broker is a real estate agent who has completed extra coursework that allows him to open and manage his own brokerage firm. Thus, in comparison to agents, brokers have greater influence, responsibility and expertise in real estate law. Among plenty other rights, brokers can also do property appraisals and manage other professionals in the industry. Additionally, brokers are committed to a higher standard of knowledge. A broker’s exam has a more extensive coverage and is more challenging than an agent’s. The broker is responsible for keeping the transaction smooth to the end. Not all real estate agents are brokers, and not all brokers have their own brokerage firm. Several brokers would rather work for other real estate franchises as a way to build their expertise and expand their networks. Real Estate Agents A real estate agent is basically a professional who has been licensed by the government to sell real estate. However, he cannot work on his own and has to be under the wing of a broker. A real estate agent may also be a realtor, meaning, a member of the National Association of Realtors and bound by the Realtor Code of Ethics. Keep in mind though that not all agents are realtors, and you would know your potential agent is a realtor if he uses the registered REALTOR(R) trademark on his marketing materials, including his business card. Real estate agents have the same work as brokers, but are not legally allowed to have their own brokerage firm. To become a real estate agent, a person has to be at least 18 years old, and must have finished a real estate course and passed an exam. Coursework can range from 40 to 90 hours, depending on requirements at the local and state levels. Indeed, the real estate industry can be confusing to outsiders, but it’s important that you know who you’re dealing with when either selling or buying a property.